385.109775 

C432e 


EXHIBIT 


OF  THE 


CHICAGO,  ST.  PAUL  AND  POND  DU  LAC 


RAIL-liOAD  COMPANY. 

MARCH  1 ,  1856. 


John  W.  Amermau,  Printer,  No.  60  William-street,  N.  Y. 


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EXHIBIT 

OP  THE 


CHICAGO,  ST.  PAUL  AND  POND  DC  LAC 


RAIL-ROAD  COMPANY. 


MARCH  1,  18  5© 


John  W.  Amsrman,  Printer,  No.  60  William-street,  N.  Y. 


f 


QLIjtcago,  St.  ffaal  unit  Jfonir  k  |Tac 

RAIL-ROAD  COMPANY. 

f  §56. 


Uirectors. 


WILLIAM  B.  OGDEN, 
NELSON  K.  WHEELER, 
JOHN  P.  CHAPIN, 
HENRY  SMITH, 

JOEL  H.  JOHNSON, 
CHARLES  BUTLER, 
WM.  C.  LANGLEY, 
JAMES  W.  HICKOK, 
JOHN  BRADLEY, 
WILLIAM  JARVIS, 
JOSEPH  A.  WOOD, 
JOHN  J.  R.  PEASE, 
DANIEL  JONES, 
MASON  C.  DARLING, 

A.  G.  BUTLER, 


Chicago,  Ill. 

c< 


a 

Woodstock,  Ill. 
New- York. 

Burlington,  Vt. 

(C 

Middletown,  Ct. 

Janesville,  Wia. 

(( 

Watertown,  Wis. 

Fond  du  Lac,  Wis. 
<< 


Officers. 

WM.  B.  OGDEN,  President. 

JAMES  W.  HICKOK,  Vice-President. 

CHARLES  BUTLER.  Treasurer. 

J.  W.  CURRIER,  Secretary. 

S.  F.  JOHNSON,  Chief  Engineer  and  Superintendent. 

Hjrecuttbe  (Committee. 

WM.  B.  OGDEN,  Ex  Officio . 

CHARLES  BUTLER, 

NELSON  K.  WHEELER, 

JAMES  W.  HICKOK, 

WM.  C.  LANGLEY, 

HENRY  SMITH. 


Offices. 

Treasurer  and  Secretary,  12  Wail-street ,  2Y  Y. 
Chief  Engineer  and  Superintendent,  Chicago. 


3  £  S".  I  0  °t  ~T7  S 
C  432.-0- 

THE 

CHICAGO,  ST.  PAUL  &  POND  DU  LAC 

J 

KAIL-ROAD  COMPANY 

OFFER  FOR  SALK 

$500,000 

OF  THEIR 

30  Years  1  per  cent.  First  Mortgage  Convertible  Bonds. 


These  bonds  bear  date  August  1st,  1855,  are  payable  August 
1st,  1885,  with  interest  at  7  per  cent.,  payable  semi-annually, 
in  the  City  of  New;- York,  on  presentation  of  the  coupons  an¬ 
nexed,  AND  ARE  CONVERTIBLE  INTO  STOCK  OF  THE  COMPANY, 
AT  THE  OPTION  OF  THE  HOLDERS,  AT  ANY  TIME  BEFORE  THEIR 
MATURITY. 

They  are  secured  by  a  mortgage  upon  the  entire  road  of 
the  company,  from  Chicago,  via  Woodstock,  to  Janesville,  in 
Wisconsin,  and  thence  up  the  Yalley  of  Rock  River,  via 
Watertown,  to  Fond  du  Lac,  a  distance  of  178  miles,  and 
upon  all  the  cars,  engines  and  personal  property  of  the  com¬ 
pany  appurtenant  thereto,  now  acquired  or  to  be  hereafter 
acquired,  and  by  the  creation  of  a  sinking  fund  sufficient  to 
extinguish  the  entire  mortgage  debt  of  the  company  before 
the  maturity  of  the  bonds. 

These  bonds  are  part  of  $3,000,000  of  bonds,  authorized  to 
be  issued  by  resolutions  of  the  Board  of  Directors,  passed 
March  30th,  1855. 

Of  the  bonds  thus  authorized  to  be  issued,  $1,500,000  were 
set  apart  and  devoted  exclusively  to  the  redemption  of  a  like 
amount  of  bonds  of  the  Illinois  and  Wisconsin  Rail-Road 
Company,  secured  by  a  mortgage  on  70  miles  of  the  afore¬ 
said  line  of  road. 

$550,000  of  said  Illinois  and  Wisconsin  bonds  had  never 
been  sold  by  said  company,  and  have,  at  this  date,  March  1, 
1856,  all  been  delivered  up  to  the  Trustee,  in  exchange  for 
bonds  of  the  new  company,  to  be  by  him  cancelled. 

The  holders  of  three-fourths  of  the  $950,000  Illinois  and 


4 


Wisconsin  bonds,  which  had  been  sold,  have  also  exchanged 
them  for  bonds  of  the  new  $3,000,000  issue,  and  the  other 
holders  are  most  of  them  pledged  to  a  like  exchange. 

These  Illinois  and  Wisconsin  bonds  are  thus  almost  en¬ 
tirely  extinguished  ;  and  to  redeem  any  that  may  remain 
outstanding,  the  amount  of  which  will  be  less  than  $100,000, 
an  equal  number  of  bonds  of  the  new  issue  will  be  sacredly 
held  by  the  Trustee. 

The  mortgage  authorized  by  the  company,  and  now  duly 
executed,  is  a  first  lien  upon  all  that  portion  of  the  road  in 
Wisconsin,  a  distance  of  108  miles,  and  also  on  the  portion  of 
the  road  in  Illinois,  70  miles,  including  extensive  and  valu¬ 
able  depot  grounds  in  the  cities  of  Chicago,  Janesville  and 
Fond  du  Lac,  (with  the  exception  of  the  few  Illinois  and 
Wisconsin  bonds  which  may  remain  outstanding,  and  the 
redemption  of  which  is  provided  for  as  above  stated.) 


These  bonds  are  thus  appropriated  : 

Total  amount  exchanged  and  to  be  exchanged  for 

Illinois  and  Wisconsin  bonds  sold, .  $950,000 

Recently  negotiated, . . .  250,000 

How  offered  for  sale,  . .  500,000 

To  be  sold  during  present  year,  if  the  wants  of  the 

company  require, . 300,000 


$2,000,000 

Reserved  for  the  purpose  of  completing  the  third 
division  of  the  road  from  Janesville  to  the  La 
Crosse  Road,' * . . .  $1,000,000 

Total, .  $3,000,000 

Since  the  1st  of  October,  1855,  individual  and  corporate 
subscriptions  to  the  capital  stock  of  the  company  have  been 
made  along  the  line  of  the  road  to  the  amount  of  over 
$500,000.  These  subscriptions,  and  the  earnings  of  the  87 
miles  now  in  operation,  together  with  the  proceeds  of  the 

*  The  company  have  determined  not  to  complete  this  intermediate  or  third  division 
of  their  road  until  they  can  do  it  without  inconvenience.  The  $1,000,000  of  first 
mortgage  bonds,  held  in  reserve  for  this  purpose,  together  with  the  city  bonds  and 
private  subscriptions  along  the  line  pledged  to  this  object,  will  be  ample  to  ac¬ 
complish  it  whenever  undertaken. 


5 


sale  of  the  above  $800,000  bonds,  will  be  amply  sufficient  for 
the  wants  of  the  company,  in  respect  to  the  completion  of  the 
road  to  Janesville  and  the  payment  of  their  liabilities. 

The  company  have  already  in  operation  87  miles  of  road, 
viz : 

From  Fond  du  Lac  south  to  the  junction  with  the  Mil- 
waukie  and  La  Crosse  Road,  thus  connecting  Fond  du  Lac 


with  Milwaukie  and  Chicago  by  rail,. . . .  30  miles.* 

From  Chicago  to  Woodstock  and  beyond, ......  57  il 

To  be  completed  by  June  "15,  1856,  between 

Woodstock  and  Janesville,. ............... .  35  “ 

Total, . . . . . ........  122  “ 


Only  35  miles  of  track  are  to  be  laid  to  complete  the  second 
division,  and  thus  connect  Janesville  with  Chicago.  A  strong 
force  are  now  at  the  work.  The  road  bed  is  prepared  and 
the  iron  on  the  ground  for  this  purpose,  and  will  all  be  laid 
by  the  15th  June,  1856. 

The  company  will  then  have  in  operation  122  miles  of  road, 
equal  in  value  to  any  road  of  the  same  length  in  the  West, 
and  which  will  at  once  produce  a  large  income,  ample  to 
pay  interest  on  its  bonds  and  dividends  on  its  stock. 

This  road  has  a  position  and  connections  of  such  strength 
that  it  cannot  well  fail  to  become  hereafter  one  of  the  most 
profitable  roads  leading  out  of  Chicago. 

On  its  completion  to  Janesville  it  will  connect  with  the 
Milwaukie  and  Mississippi  Rail-Road,  now  in  operation  to 
Madison,  the  capital  of  Wisconsin,  and  to  be  extended  to  the 
Mississippi  River,  at  Prairie  du  Chien,  by  the  first  of  Novem¬ 
ber,  1856.  It  will  also  connect  at  Janesville  with  the  Southern 
Wisconsin  Rail-Road,  which  is  now  under  contract  to  Monroe, 

*  This  30  miles  enters  at  once  upon  a  large  business.  Contracts  are  offered  for  the  transpor, 
tation  over  it  the  present  season  of  30,000,000  feet  of  white  pine  lumber.  The  freighting  of  this 
single  article  will  hereafter  give  a  full  and  very  profitable  business  to  this  part  of  the  road. 
The  other  freight  and  passenger  business  must  also  be  very  large,  on  account  of  the  forgo 
population  about  Lake  Winnebago  and  the  Fox  and  Wolf  rivers.  Lake  Winnebago  is  navi¬ 
gable  for  steamers  and  sail  vessels.  The  Wolf  river,  which  empties  into  Lake  Winnebago 
at  Oshkosh,  is  navigable  for  150  miles  up  into  the  pine  region;  and  the  Fox  river,  by  means 
of  the  improvement,  is  now  navigable  its  entire  length,  up  to  Green  Bay. 

Fond  du  Lac  and  Oshkosh  have  each  about  5,000  inhabiiants,  and  there  is  a  large  number 
of  smaller  places  along  these  waters,  varying  in  population  from  1,000  to  3,000  people.  The 
business  of  this  region,  which  has  been  heretofore  accommodated  by  the  plank  road  from 
Fond  du  Lac  to  Sheboygan,  will  now  pass  over  our  road. 


6 


50  miles  west  from  Janesville,  and  is  soon  to  be  extended 
to  the  Mississippi  River,  opposite  Dubuque.  It  will,  also,  15 
miles  before  reaching  Janesville,  connect  with  the  Racine 
and  Mississippi  Rail-Road,  soon  to  be  extended  to  Beloit,  and 
thence,  via  Freeport,  to  Savannah,  on  the  Mississippi  River. 
Harmonious  running  arrangements,  which  the  interests  of  all 
parties  will  make  necessarily  permanent,  are  made  with  these 
three  roads,  thus  forming,  over  our  road,  four  of  the  shortest 
routes  from  Chicago,  west  and  northwest,  to  the  Mississippi 
River,  at  different  points,  as  will  appear  from  the  following 


tables  of  distances,  viz: 

L  Chicago  to  Prairie  du  Cbien,  by  Chicago,  St.  Paul  and  Fond  du 

Lac  Rail-Road,  and  Milwaukie  and  Mississippi  Rail-Road,. . . .  225  miles. 

Chicago  to  Paiiie  du  Cbien,  by  Chicago  and  Galena  Rail-Road,  Illi¬ 
nois  Central  Rail- Road  and  Mississippi  River, .  274  “ 

II.  Chicago  to  Dubuque,  Iowa,  by  Chicago,  St.  Paul  and  Fond  du  Lac 

Rail-Road,  and  Southern  Wisconsin  Rail- Road, .  180  “ 

Chicago  to  Dubuque,  Iowa,  by  Galena  and  Chicago  Rail-Road 

and  Illinois  Central  Rail-Road, .  188  “ 

IIL  Chicago  to  Galena,  by  Chicago,  St.  Paul  and  Fond  du  Lac  Rail- 

Road,  Racine  and  Mississippi  and  Illinois  Central  Rail- Roads,. .  166  “ 

Chicago  to  Galena,  by  Galena  and  Chicago  Rail-Road  and  Illinois 

Central  Rail- Road, .  171  “ 

IV.  Chicago  to  Savannah,  by  Chicago,  St.  Paul  and  Fond  du  Lac  Rail- 

Road  and  Racine  and  Mississippi  Rail-Road, .  146  “ 


Chicago  to  Madison,  by  Chicago,  St.  Paul  and  Fond  du  Lac  Rail- 

Road  and  Milwaukie  and  Mississippi  Rail-Road, .  130  “ 

Chicago  to  Madison,  by  Galena  and  Chicago  and  Madison  and 

Beloit  Rail- Roads, .  150  “ 

Chicago  to  Beloit,  by  Chicago,  St.  Paul  and  Fond  du  Lac,  and 

Racine  and  Mississippi  Rail-Roads, .  82  “* 

Chicago  to  Beloit,  by  Chicago  aud  Galena  Rail-Road, . . .  98  “ 


The  Fox  River  Yalley  Rail-Road,  which  crosses  our  road 
at  a  point  42  miles  distant  from  Chicago,  will  find  it  for  their 
interest  to  form  a  running  arrangement  with  us,  by  which 
the  traffic  of  this  populous  valley  will  pass  over  our  road  to 
Chicago — the  distance  being  18  miles  less  than  by  any  other 
rail-road. 

The  ice  trade  between  Crystal  Lake  and  Chicago,  45  miles, 
is  destined  to  furnish  a  large  freighting  business.  No  other 
ice  in  the  vicinity  of  Chicago  compares  with  this  in  purity, 
and  a  company  are  now  making  arrangements  to  supply  the 


7 


whole  city  with  it,  in  place  of  the  impure  ice  out  of  the 
Chicago  River,  which  has  been  heretofore  used.  The  magni¬ 
tude  of  this  trade  becomes  apparent,  when  we  consider  that 
Chicago  lias  a  population  of  84,000 ;  and  its  value  to  the 
road  is  greater  from  the  fact,  that  it  will  be  the  most  active 
when  the  other  freighting  business  of  the  road  is  lightest, 
viz.,  in  mid-summer  and  mid-winter. 

This  is  a  single  illustration  of  the  large  local  traffic  neces¬ 
sarily  incident  to  the  vicinity  of  so  large  a  city  as  Chicago. 

The  Galena  and  Chicago  Rail -Road  has  heretofore  entirely 
controlled  the  through  business  between  Chicago  and  Minne¬ 
sota,  Northern  Iowa  and  Western  Wisconsin,  which  is  already 
immense. 

But  it  is  evident,  from  the  foregoing  table,  that  the  Chicago, 
St.  Paul  and  Fond  du  Lac  Road,  when  fully  established  at 
Janesville,  with  its  connections  there,  will  furnish  the  shortest 
and  cheapest  outlet  to  Chicago  for  the  products  of  all  that 
vast  region  of  country,  which  is  increasing  in  wealth  and  popu¬ 
lation  faster  than  any  other  portion  of  the  United  States. 

The  great  bulk  of  this  business  must,  therefore,  inevitably 
pass  over  it. 

For  full  details  as  to  the  plans  and  prospects  of  the  com¬ 
pany,  the  last  Annual  Report  is  referred  to. 

The  first  question  asked  by  the  capitalist  proposing  to  pur¬ 
chase  is,  will  the  road  earn  the  interest  on  these  bonds? — 
there  being  of  them  $2,000,000,  secured  by  a  first  mortgage 
on  122  miles  of  finished  road,  which  has  cost  more  than 
double  this  sum.  The  amount  of  full  paid  capital  stock  is 
$2,300,000. 

Estimating  the  gross  earnings  of  the  road  at  $6,000 

per  mile  per  annum,  we  have  the  gross  sum  of  $732,000 
Deducting  therefrom  for  expenses,  50  per  cent., 
which  is  25  per  cent,  more  than  the  operating 
expenses  of  several  of  the  best  Western  roads,. .  366,000 

We  have  for  net  earnings, .  $366,000 

A  sum  ample  to  pay  interest  on  these  bonds,  amounting  to 


8 


$140,000,  the  Sinking  Fund  payment,  and  dividends  on  the 
-stock  of  the  company. 

For  the  purpose  of  showing  that  $6,000  per  mile  is  a 
reasonable  estimate  for  our  first  year’s  earnings,  we  have 
only  to  refer  to  the  experience  of  three  neighboring  roads,  in 
no  respect  better  situated  than  ours. 

The  earnings  of  the  Chicago  and  Rock  Island  Rail-Road, 
1854,  (its  first  year,)  were,  per  mile,  $7,000,  and  have  steadily 
increased  since. 

The  earnings  of  the  Milwaukie  and  Mississippi  Rail-Road 
for  1855,  were,  per  mile  per  annum,  $7,000. 

The  earnings  of  the  Chicago  and  Galena  Rail-Roacl  for 
1854,  were,  per  mile,  over  $7,000,  and  in  1855,  $10,000  per 
mile  per  annum. 

.During  several  months  it  earned  nearly  the  extraordinary 
sum  of  $1,000  per  mil eper  month ,  and  its  dividends  for  seve¬ 
ral  years  past  have  averaged  over  20  per  cent,  per  annum. 
That  road  passes  through  no  better  or  more  thickly  populated 
or  more  productive  country  than  this  ;  and  its  connections 
are  no  better  than  those  of  this  road  will  be  when  completed. 
Indeed,  their  respective  situations  and  advantages  are  very 
similar,  and  there  is  no  apparent  reason  why  the  earnings  of 
this  road,  when  fully  established,  will  not  be  quite  equal  to 
those  of  the  Galena  and  Chicago,  and  its  stock  reach  as  high 
a  price. 

It  may,  therefore,  be  stated  with  the  utmost  confidence,  that 
the  first  mortgage  bonds  of  this  company  are  perfectly  secured. 

The  first  mortgage  seven  per  cent,  bonds  of  the  Galena 
and  Chicago  Rail-Road  recently  sold  at  99,  and  those  of  the 
Chicago  and  Rock  Island  at  95.  They  were  originally  nego¬ 
tiated  at  much  lower  rates — have  not  the  benefit  of  a  sinking 
fund — are  not  convertible,  nor  have  they  the  privilege  of 
registry.  Investments  in  our  bonds  at  this  time  will  certainly 
prove  as  advantageous  as  any  ever  made  in  either  of  the  two 
last  named  securities. 

In  order  to  furnish  to  capitalists,  who  may  desire  to  pur¬ 
chase  these  bonds,  a  better  security  than  that  ordinarily 
offered  by  rail-road  mortgages,  several  unusual  and  salutary 
provisions  have  been  made. 


9 


I.  The  mortgage  deed  has  been  drawn  with  great  care  and 
under  the  advice  of  able  counsel,  so  as  to  protect,  in  every 
possible  contingency,  the  rights  of  bondholders. 

II.  The  company  have  provided  a  Sinking  Fund  for  the  re¬ 
demption  of  this  entire  issue  of  bonds,  and  for  this  purpose 
have  covenanted,  in  the  mortgage,  to  make  annually  a  de¬ 
posit  with  the  Trustee  named  in  the  mortgage,  James  Wins¬ 
low,  of  the  firm  of  Winslow,  Lanier  &  Co.,  bankers,  in  the 
city  of  ISTew-York,  one  and  one-fourth  per  cent,  on  all  the 
outstanding  bonds  secured  by  the  mortgage,  beginning  De¬ 
cember  1,  1858,  and  continuing  until  the  principal  of  said 
bonds  is  fully  paid.  This  deposit,  with  the  accumulated 
interest  thereon,  will  form  a  sufficient  fund  to  extinguish  all 
of  these  bonds  at  or  before  their  maturity. 

The  Trustee  of  the  Sinking  Fund  is  required  to  use  the 
avails  of  this  fund  primarily  in  the  purchase  of  the  mortgage 
bonds  of  this  company,  whenever  they  can  be  purchased  at 
par  or  under;  and  in  case  such  purchase  cannot  be  made, 
then  the  fund  is  to  be  invested  under  the  direction  of  the 
company. 

In  case  the  company  shall  neglect  to  make  the  annual 

SINKING  FUND  DEPOSIT,  AS  SPECIFIED  IN  THE  MORTGAGE,  THE 

Trustee  of  the  bondholders  is  authorized  and  directed  to 

FORECLOSE  THE  MORTGAGE,  AND  SELL  THE  PROPERTY  AND  RIGHTS 
OF  THE  COMPANY  IN  THE  SAME  MANNER  AS  IF  DEFAULT  BE  MADE 
IN  THE  PAYMENT  OF  THE  PRINCIPAL  OR  INTEREST  OF  THE  BONDS. 

The  company  have  not  left  the  making  of  the  annual 

SINKING  FUND  PAYMENT  TO  THE  OPTION  OR  CONTROL  OF  FUTURE 

Boards  of  Directors,  but,  by  the  covenants  in  the  mort¬ 
gage,  HAVE  MADE  IT  A  LEGAL  OBLIGATION  ON  THE  COMPANY, 
WHICH  CAN  BE  ENFORCED  BY  THE  TRUSTEE,  ON  THE  APPLICATION 
OF  THE  BONDHOLDERS. 

III.  The  bonds  are  convertible  into  the  stock  of  the  com¬ 
pany,  at  the  option  of  the  holders,  at  any  time  before  their 
maturity.  In  view  of  the  future  growth  of  Chicago,  and  the 
certain  development  of  the  immense  country  lying  northwest 
of  it,  this  privilege  is  a  valuable  one. 


10 


IV.  These  bonds  may  be  registered  at  the  office  of  the 
treasurer,  in  the  name  of  the  holder,  thereby  making  them 
far  safer  property  to  hold  as  against  risk  of  loss  b}r  theft,  fire, 
or  in  any  other  way. 

Y.  This  company  has  special  authority  from  the  Legisla¬ 
tures  of  Illinois  and  Wisconsin  to  sell  its  bonds,  at  such 
price,  above  or  below  par,  as  they  may  deem  expedient; 
thus  avoiding  the  usury  question  so  much  discussed  in  regard 
to  the  bonds  of  rail-road  companies  not  having  such  special 
authority. 

VI.  The  Trustee  has  now  in  his  hands  the  original  deed  of 
mortgage,  with  certificates  thereon  of  the  county  clerks, 
showing  that  it  has  been  recorded  in  the  four  counties  of  the 
State  of  Illinois,  and  the  five  counties  in  the  State  of  Wiscon¬ 
sin,  through  which  the  road  passes.  He  has  also  certificates 
from  the  several  clerks  of  counties  and  courts,  showing  that 
there  are  no  judgments  against  or  incumbrances  on  the  pro¬ 
perty  of  the  company. 

The  following  documents  are  appended,  and  special  atten¬ 
tion  is  called  thereto,  viz  : 

1.  The  opinions  of  two  eminent  counsel  on  the  validity  of 
the  organization  of  this  company,  and  of  the  mortgage  by 
which  these  bonds  are  secured. 

2.  Extracts  from  the  laws  of  Illinois  and  Wisconsin,  show¬ 
ing  the  power  of  this  company  to  mortgage  its  real  and  per¬ 
sonal  property,  and  to  sell  its  bonds  at  such  prices,  above  or 
below  par,  as  they  may  think  proper. 

3.  Copies  of  the  bond,  mortgage  and  Trustee’s  certificate. 

This  company,  with  entire  confidence,  recommend  these 
bonds  as  among  the  safest  and  most  profitable  investments 
now  before  the  public. 

New- York,  March  1,  1856. 

W.  B.  OGDEN, 

President. 


11 


OPINIONS  OF  COUNSEL. 

New- York,  Sept.  \5tJi,  1855. 
Benj.  F.  Butler,  Esq.,  New- York : 

Dear  Sir, — Having  proceeded,  in  accordance  with  the  legal 
advice  of  yourself  and  other  able  counsel  from  the  beginning, 
in  the  late  mortgage  sale  had  of  the  Bock  Biver  Valley 
Union  Bail-Boad,  and  in  the  subsequent  consolidation  of 
that  road  and  of  the  Illinois  and  Wisconsin  Bail-Boad  into 
one  road  and  company,  named  the  Chicago,  St.  Paul  and 
Fond  dn  Lac  Bail-Boad  Company,  the  undersigned  is  of 
course  fully  satisfied  of  the  legal  soundness  of  these  proceed¬ 
ings  ;  but  for  the  better  satisfaction  of  others  interested,  or 
who  may  desire  hereafter  to  become  interested  in  the  stock 
or  bonds  of  this  company,  will  you  please  communicate  to 
the  undersigned  your  opinion,  in  writing,  as  to  the  validity, 
&c.,  of  the  incorporation  of  this  company,  and  of  its  rightful 
possession  of  all  the  property,  franchises  and  privileges  of  the 
two  rail-road  companies  so  consolidated  into  it,  and  also  of  its 
right  to  mortgage  its  road  and  property  for  the  purpose  of 
raising  funds  in  aid  of  its  construction  and  equipment. 

Yours,  very  respectfully, 

Wm.  B.  Ogden, 

Preset  Chicago ,  St.  Paul  and  Fond  du  Lac 
Pail-Poad  Company. 


New- York)  Sept.  Ylth)  1855. 

To  William  B.  Ogden,  Esq., 

President  of  the  Chicago)  St.  Paid  and  Fond  du  Lac 
Rail- Road  Company : 

Dear  Sir, — In  reply  to  your  letter  of  the  15th  instant,  I 
would  say,  that  in  the  course  of  my  professional  services  to 
yourself  and  others,  connected  with  the  sale  of  the  road  and 


12 


property  of  the  Rock  River  Valley  Union  Rail-Road  Com¬ 
pany,  made  on  the  24tli  of  March  last,  under  the  mortgage 
of  that  company  to  Robert  J.  Walker,  Trustee,  &c.,  and  with 
the  preparation  of  the  articles  of  consolidation  of  that  com¬ 
pany  and  the  Illinois  and  Wisconsin  Rail-Road  Company  of 
the  30th  of  March  last,  and  of  the  conveyance  of  the  substi¬ 
tuted  Trustee,  by  direction  of  the  purchasers  at  such  sale,  to 
the  Chicago,  St.  Paul  and  Fond  du  Lac  Rail-Road  Company, 
(the  new  company  created  by  said  articles,)  alluded  to  in 
your  letter,  I  have  had  occasion,  very  carefully,  to  examine 
the  several  statutes  of  the  States  of  Illinois  and  Wisconsin, 
incorporating  the  Illinois  and  Wisconsin  Rail-Road  Company 
and  the  Rock  River  Valley  Union  Rail-Road  Company,  and 
the  acts  from  time  to  time  amending  the  charters  of  said  com¬ 
panies  respectively,  or  applicable  to  them,  and  particularly 
the  general  statute  of  Illinois  of  the  28th  of  February,  1854, 
authorizing  the  consolidation  of  rail-road  companies,  and  the 
special  statute  of  the  State  of  Wisconsin,  of  the  10th  of  March, 
1855,  authorizing  the  consolidation  of  the  two  above  named 
companies  ;  and  that  I  have  also  had  occasion  to  consider, 
with  much  attention,  the  several  questions  of  law  arising  under 
these  several  statutes  and  proceedings. 

Although  I  do  not  feel  myself  so  well  qualified  to  decide 
on  some  of  these  questions,  arising,  as  they  do,  under  the 
statutes  of  Illinois  and  Wisconsin,  as  counsel  resident  in  those 
States,  yet  the  principles  by  which  they  are  governed  are  of 
general  application  ;  and,  after  mature  reflection,  I  am  clearly 
of  opinion,  that  the  Chicago,  St.  Paul  and  Fond  du  Lac  Rail- 
Road  Company,  (the  corporation  created  by  said  articles  of 
consolidation,)  is  an  existing,  duly  created  and  organized 
body  politic  and  corporate,  in  fact  and  in  law,  entitled  to  and 
possessing,  under  the  statutes  of  Illinois  and  Wisconsin,  all 
the  powers,  privileges,  franchises  and  property,  of  every 
nature  and  description  whatsoever,  which,  previously  to  said 
consolidation,  appertained  to  and  were  held  and  possessed 
by  the  said  Illinois  and  Wisconsin  Rail-Road  Company  and 
Rock  River  Valley  Union  Rail-Road  Company  respectively. 
The  general  grounds  on  which  I  found  this  opinion  will  be 


13 


found  in  the  recitals  contained  in  the  deed  of  the  substituted 
Trustee  to  the  new  company.  To  the  matters  there  stated  is 
now  to  be  added  the  deed  and  release  from  the  purchasers  at 
the  mortgage  sale,  and  from  Robert  J.  Walker  to  the  new 
company,  dated  August  29th,  1855,  which  gives  further  and 
decisive  efficacy,  if  such  were  needed,  to  the  deed  of  the 
Trustee. 

As  to  the  other  question  stated  in  your  letter,  I  reply,  that, 
in  my  opinion,  the  said  The  Chicago,  St.  Paul  and  Fond  du 
Lac  Rail-Road  Company  has  full  power,  under  the  laws  of 
the  States  of  Illinois  and  Wisconsin,  which  now  constitute  its 
charter,  or  are  applicable  to  it,  to  borrow,  in  its  corporate 
name  and  on  its  corporate  liability,  all  such  moneys  as  may 
be  necessary  to  enable  it  to  construct  and  equip  its  road,  and 
to  secure  the  payment  thereof  by  the  bonds  of  the  corporation 
and  by  the  mortgage  of  its  road  and  property.  The  power  to 
borrow  money  for  such  purposes  and  to  issue  bonds  therefor, 
and  to  sell  the  same  at  such  prices  as  the  companies  may 
deem  expedient,  is  expressly  given,  and  in  very  sweeping 
and  enlarged  terms,  in  the  statutes  of  both  States ;  and  the 
power  to  mortgage  is  also  expressly  given  by  the  statutes  of 
Wisconsin,  and  is  clearly  included  in  the  general  language 
of  the  statutes  of  Illinois. 

I  am,  dear  sir,  very  respectfully, 

Your  ob’t  serv’t, 

B.  F.  Butler. 


Burlington ,  Vermont ,  August  1  st,  1855. 
Wm.  B.  Ogden,  Esq.  : 

Dear  Sir, — At  your  request  I  have  examined  the  act  of  the 
Legislature  of  the  State  of  Illinois,  incorporating  the  Illinois 
and  Wisconsin  Rail-Road  Company,  also  the  general  rail¬ 
road  law  of  said  State,  authorizing  companies  chartered  by 
said  State  to  connect  with  one  another,  and  also  to  connect 
and  consolidate  their  interests  with  rail-road  companies  incor¬ 
porated  by  adjacent  States. 


14 


I  have  also  examined  the  several  acts  of  the  Legislature  of 
the  State  of  Wisconsin,  incorporating  the  Lock  River  Valley 
Union  Rail-Load  Company,  and  particularly  the  act  of 
March  last,  authorizing  said  company,  or  whoever  might 
purchase  the  road  on  a  contemplated  sale  for  the  benefit  of 
the  bondholders,  under  an  existing  mortgage  on  said  road,  to 
consolidate  their  interest  and  road  with  the  said  Illinois  and 
Wisconsin  Rail-Road  Company,  and  to  form  a  new  company 
and  give  to  it  a  new  name. 

I  have  further  examined  said  articles  of  consolidation  made 
and  entered  into  by  said  companies,  and  their  conveyances 
to  said  Chicago,  St.  Paul  and  Fond  du  Lac  Rail-Road  Com¬ 
pany,  (the  new  name  adopted  by  said  companies  in  accord¬ 
ance  with  the  provisions  of  their  respective  legislatures.) 

I  have  also  examined  the  proceedings  under  said  mortgage 
made  by  said  Rock  River  Valley  Union  Rail-Road  Company, 
the  sale  thereof,  and  the  conveyances  made  by  the  duly  con¬ 
stituted  Trustee,  to  the  Chicago,  St.  Paul  and  Fond  du  Lac 
Rail-Road  Company. 

I  have  also  examined  a  certain  mortgage  proposed  to  be 
executed  by  the  said  Chicago,  St.  Paul  and  Fond  du  Lac 
Rail-Road  Company,  to  secure  the  payment  of  $3,000,000  of 
bonds  proposed  to  be  issued  by  said  company. 

From  an  examination  of  all  the  said  statutes,  the  proceed¬ 
ings  under  them,  and  the  proceedings  under  the  mortgage 
executed  by  the  Rock  River  Valley  Union  Rail-Road  Com¬ 
pany,  I  am  of  the  opinion  that  the  said  Chicago,  St.  Paul  and 
Fond  du  Lac  Rail-Road  Company  is  a  duly  constituted  and 
organized  company,  in  full  life  and  force,  possessing  all  the 
powers,  rights,  privileges,  property  and  franchises  which 
were  owned,  used  or  possessed  by  the  Illinois  and  Wisconsin 
and  Rock  River  Valley  Union  Rail-Road  Companies  respec¬ 
tively.  I  am  also  of  the  opinion,  that  the  Chicago,  St.  Paul 
and  Fond  du  Lac  Rail-Road  Company  have  good  right  and 
lawful  authority  to  execute  the  proposed  mortgage,  in  manner 
and  form  and  for  the  purposes  therein  mentioned ;  that  all 
the  said  stipulations  and  agreements  in  said  mortgage  on  the 
part  of  said  company,  are  lawful  stipulations  and  agreements  ; 


15 


that  whenever  said  mortgage  shall  be  executed  and  delivered, 
and  bonds  shall  be  taken  under  the  same,  it  then  becomes 
irrevocable  on  the  part  of  said  company  ;  and  for  breach  of 
its  provisions  on  the  part  of  said  company,  the  courts  of  the 
country  will  give  their  aid  to  enforce  it  according  to  its  spirit 
and  intention. 

(Signed,) 

Jacob  Maeok. 


EXTRACT 

FROM  TIIE  LAW  OF  WISCONSIN",  AUTHORIZING  THE  RAIL-ROAD 
COMPANIES  THEREIN  NAMED  TO  CONSOLIDATE  THEIR  CAPITAL 
STOCK. 

Sec.  6.  After  consolidation  as  aforesaid,  and  before  the  first 
election  of  directors  by  the  stockholders,  the  affairs  of  the 
consolidated  company  shall  be  managed  by  the  directors  of 
the  two  companies  acting  jointly ;  and  as  soon  after  consoli¬ 
dation  as  it  may  be  deemed  expedient  to  organize  said  con¬ 
solidated  companies,  said  joint  board  of  directors  shall  meet 
and  elect  a  president,  vice-president  and  secretary,  and 
treasurer ;  and  the  said  consolidated  company  being  thus 
organized,  may  make  and  execute,  in  their  corporate  name, 
all  such  writings,  notes,  bonds  or  mortgages  of  their  real  or 
personal  property,  or  any  part  thereof,  as  they  may  deem 
necessary  to  secure  the  payment  of  any  liability  incurred,  or 
to  be  incurred,  in  the  construction  and  equipment  of  their 
road,  and  may  agree,  in  such  notes,  bonds  and  mortgages,  to 
pay  such  rate  of  interest  as  they  may  think  proper,  not  ex¬ 
ceeding  ten  per  cent,  per  annum,  and  may  sell  and  dispose 
of  said  notes,  bonds  and  mortgages  at  par,  or  at  such  prices, 
above  or  below  par,  as  they  shall  think  proper. 


16 


EXTRACT 

FROM  A  GENERAL  LAW  OF  CONSOLIDATION,  PASSED  BY  THE  GENERAL 
ASSEMBLY  OF  THE  STATE  OF  ILLINOIS,  FEBRUARY  SESSION,  1854. 

Sec.  3.  The  corporation  or  corporations  formed  by  virtue 
of  the  provisions  of  this  act,  shall  have  power  to  increase 
their  capital  stock  to  any  amount  required  by  resolution  of 
their  respective  boards  of  directors,  not  exceeding  the  amount 
of  the  cost  of  the  roads  and  works  constructed  and  equipped 
by  them  ;  to  borrow  money  and  fix  the  rate  of  interest  there¬ 
for  ;  to  issue  bonds,  and  the  same  to  sell,  at  such  price  as 
they  may  deem  expedient,  such  sales  being  hereby  authorized 
and  confirmed,  and  to  make  any  other  contracts  authorized 
by  the  by-laws  of  the  said  corporation  or  corporations,  within 
the  purview  of  their  said  charters. 


COPY  OF  THE  MORTGAGE, 

AS  DULY  EXECUTED  AND  RECORDED. 

This  Indenture,  made  the  first  day  of  August,  in  the 
year  of  our  Lord  one  thousand  eight  hundred  and  fifty 
five,  between  The  Chicaoo,  St.  Paul  and  Fond  du  Lac 
Rail-Road  Company,  of  the  first  part,  and  James  Winslow, 
of  the  firm  of  Winslow,  Lanier  &  Co.,  Bankers,  in  the  city  of 
Uew-York,  Trustee,  of  the  second  part,  Witnesseth,  that 
whereas  the  party  of  the  first  part  is  a  corporation,  duly 
formed  according  to  laws  of  the  States  of  Illinois  and  Wis¬ 
consin,  by  the  consolidation  of  all  the  stock,  property,  rights, 
franchises  and  interests  of  two  rail-road  companies,  herein¬ 
after  named,  to  wit :  The  Illinois  and  Wisconsin  Rail-Road 
Company  of  the  state  of  Illinois,  and  the  Rock  River  Yalley 
Union  Rail-Road  Company  of  the  state  of  Wisconsin  : 

And  whereas  fdrther,  the  said  Illinois  and  Wisconsin 
Rail-Road  Company,  in  the  construction  of  their  rail-road 


17 


between  the  City  of  Chicago  and  the  State  line  of  Wisconsin, 
have  heretofore  made  and  delivered  bonds  which  are  now 
outstanding,  to  the  amount  of  fifteen  hundred  thousand  dol¬ 
lars,  bearing  seven  per  cent,  interest,  payable  semi-annually, 
and  the  principal  payable  on  the  first  day  of  July,  in  the  year 
eighteen  hundred  and  seventy-three,  which  said  bonds  are  se¬ 
cured  by  a  mortgage  on  the  seventy  miles  of  line  of  road  of 
said  Illinois  and  Wisconsin  Rail-Road  Company  within  the 
State  of  Illinois,  executed  to  Julius  Wadsworth,  David  Hoadly 
and  J.  E.  Williams,  Trustees  : 

And  whereas  it  is  desirable  and  necessary  to  provide  for 
and  retire  and  cancel  said  fifteen  hundred  thousand  dollars  of 
Illinois  and  Wisconsin  Rail-Road  Company’s  bonds,  and  sat¬ 
isfy  and  discharge  the  mortgage  upon  the  Illinois  portion  of 
said  company’s  rail-road,  by  which  they  are  secured: 

And  whereas  more  than  three-fourths  of  the  holders  of  the 
said  Illinois  and  Wisconsin  Rail-Road  Company’s  bonds  have 
already  stipulated,  in  writing,  to  surrender  the  same  in  ex 
change  for  a  like  number  of  the  bonds  of  the  Chicago,  St. 
Paul  and  Fond  du  Lac  Rail-Road  Company,  proposed  here¬ 
inafter  to  be  issued : 

And  whereas  further,  it  is  also  desirable  and  necessary, 
in  order  to  meet  the  present  wants  and  provide  for  the  com¬ 
pletion  of  the  construction  and  equipment  of  said  company’s 
rail-road  from  Chicago  to  Janesville  and  to  Fond  du  Lac, 
(about  178  miles,)  that  there  shall  be  made  and  issued  in  all, 
for  all  the  purposes  above  named,  three  millions  of  dollars  of 
bonds  of  the  said  Chicago,  St.  Paul  and  Fond  du  Lac  Rail- 
Road  Compan}7,  to  be  secured  by  a  mortgage  upon  the  entire 
line  of  rail-road  of  said  company  from  the  city  of  Chicago,  in 
Illinois,  to  the  City  of  Fond  du  Lac,  in  Wisconsin;  all  of 
which  said  bonds  (except  as  hereinafter  provided)  shall  be  for 
the  sum  of  one  thousand  dollars  each,  and  shall  be  equally 
secured  by  this  mortgage,  without  reference  to  priority  of  date 
or  issue;  and  fifteen  hundred  of  which  said  bonds,  for  one 
thousand  dollars  each,  shall  be  sacredly  held  by  said  Trustee 
herein  before  named,  or  his  successor,  until  delivered  in  ex¬ 
change  for  a  like  number  of  said  outstanding  Illinois  and 

2 


18 


Wisconsin  Rail-Road  bonds,  to  be  retired  and  cancelled  from 
time  to  time,  as  surrendered  by  the  holders  thereof : 

All  of  said  bonds,  so  to  be  issued,  to  be  payable  on  the  first 
day  of  August,  1885,  together  with  seven  per  cent,  interest 
thereon  from  the  date  thereof,  to  be  paid  semi-annually,  on 
the  first  days  of  February  and  August  in  each  year.  Said 
bonds  to  be  numbered  consecutively  from  number  one  up¬ 
wards,  and  to  be  signed  by  the  President  and  Treasurer,  and 
countersigned  by  the  Secretary,  and  sealed  with  the  seal  of 
the  said  Chicago,  St.  Paul  and  Fond  du  Lac  Rail-Road  Com¬ 
pany,  and  the  coupons  or  interest  warrants  thereto  subjoined 
shall  be  signed  by  the  Secretary  or  Assistant  Secretary  of  said 
company ;  and  all  of  said  bonds,  except  as  hereinafter  pro¬ 
vided,  shall  be  substantially  in  the  following  form,  to  wit : 

UNITED  STATES  OF  AMERICA. 

States  of  Illinois  and  Wisconsin. 

( 

CHICAGO,  ST.  PAUL  AND  FOND  DU  LAC  RAIL-ROAD  COMPANY. 

No.  $1,000. 

Know  all  men  by  these  presents,  that  The  Chicago,  St. 
Paul  and  Fond  du  Lac  Rail-Road  Company  are  indebted  to 
James  Winslow,  of  the  firm  of  Winslow,  Lanier  &  Company, 
Bankers,  of  the  City  of  New-York,  or  bearer,  in  the  sum  of  one 
thousand  dollars, lawful  money  of  the  United  States  of  America, 
which  the  said  company  promise  and  agree  to  pay  the  said 
James  Winslow,  or  bearer  hereof,  on  the  first  day  of  August, 
A.  D.  1885,  at  the  office  of  said  company  in  the  City  of  New- 
York,  with  interest  thereon  at  the  rate  of  seven  per  centum 
per  annum,  payable  semi-annually  by  the  said  company,  at 
the  said  company’s  office  in  New-York,  on  the  first  days  of 
August  and  February  in  each  year,  on  the  presentation  and 
surrender  of  the  annexed  coupons,  as  they  severally  become 
due.  And  in  case  of  the  non-payment  of  interest  for  any 
half  year  when  demanded  as  aforesaid,  and  the  same  remain¬ 
ing  in  arrear  for  six  months  thereafter,  the  principal  shall 
become  due  and  payable  on  demand  from  and  after  the  date  of 


19 


such  default,  with  interest  then  accrued  and  in  arrear.  And 
the  said  rail-road  company  also  agree  to  transfer  to  the  holder 
hereof,  at  any  time  hereafter  when  the  holder  elects  to  receive 
the  same,  (on  delivery  of  this  obligation  and  the  unpaid  cou¬ 
pons  or  interest  warrants  hereto  annexed  or  belonging,  to  the 
Trustee  or  to  the  Treasurer  of  said  company,)  ten  shares,  of 
one  hundred  dollars  each,  in  the  capital  stock  of  said  com¬ 
pany,  in  exchange  and  satisfaction  of  this  obligation. 

This  bond  is  one  of  a  series  of  bonds  of  like  tenor  and 
date,  executed  and  issued  in  conformity  with  resolutions 
passed  by  the  Board  of  Directors  of  the  said  company,  on 
the  thirtieth  day  of  March,  A.  D.  one  thousand  eight  hundred 
and  fifty-five,  authorizing  bonds  to  be  issued,  amounting,  in 
the  aggregate,  to  three  millions  of  dollars ;  and  the  holder 
hereof  is  entitled  to  the  security  derived  from  a  mortgage, 
bearing  date  on  the  first  day  of  August,  A.  D.  one  thousand 
eight  hundred  and  fifty-five,  and  duly  recorded,  upon  the  said 
company’s  line  of  road  from  the  City  of  Chicago,  in  the  State 
of  Illinois,  via  the  City  of  Janesville,  to  the  City  of  Fond  du 
Lac,  in  the  State  of  Wisconsin,  including  the  depot  grounds, 
depots,  rolling  stock  and  machinery,  and  all  the  rights,  fran¬ 
chises,  privileges  and  appurtenances  thereto  belonging,  exe¬ 
cuted  and  delivered  to  the  said  James  Winslow,  in  trust,  to 
secure  the  payment  of  the  principal  and  interest  on  said 
bonds. 

The  holder  hereof  will  also  be  entitled  to  the  benefits  de¬ 
rived  from  a  sinking  fund  of  one  and  a  quarter  per  centum 
per  annum  on  the  amount  of  bonds  of  this  series,  from  time 
to  time  issued,  outstanding,  and  not  converted  into  stock  of 
this  company,  and  amounting  to  $37,500  per  annum,  in  case 
the  whole  three  millions  of  bonds  herein  named  be  issued  and 
remain  outstanding — said  sinking  fund  to  be  set  apart  annu¬ 
ally  by  the  said  company  as  specified  and  provided  for  in 
said  mortgage,  being  a  sufficient  amount  to  redeem  the  whole 
three  millions  of  dollars  secured  by  said  mortgage  within 
thirty  years  from  the  date  of  said  bonds,  and  before  the  same 
fall  due. 

This  bond  shall  not  be  deemed  obligatory  or  valid  until  the 


20 


proper  certificate  of  the  above  named  Trustee,  or  his  successor 
thereon,  shall  be  duly  signed  by  him. 

This  bond  may  pass  by  delivery,  or  may  be  registered  on 
the  books  of  the  company,  at  the  option  of  the  holder,  after 
which  no  transfer  shall  be  valid,  unless  it  be  registered  as 
aforesaid,  and  a  certificate  thereof  endorsed  on  the  bond  by  the 
Treasurer.  Provided,  however,  that  it  may  be  transferred  on 
said  books  to  bearer,  and  thereafter  pass  by  delivery. 

In  Witness  whereof,  the  said  company  have  caused  their 
corporate  seal  to  be  hereto  affixed,  and  their  President  and 
Treasurer  to  sign,  and  their  Secretary  to  countersign  the  same, 
and  have  also  caused  the  coupons  hereto  annexed  to  be 
signed  by  their  Secretary,  this  first  day  of  August,  in  the  year 
of  our  Lord  one  thousand  eight  hundred  and  fifty-five. 

President. 


[Seal.] 

Countersigned  by 


Treasurer. 

Secretary. 


It  is  mutually  understood  and  hereby  provided,  however, 
that  not  exceeding  one  million  of  dollars,  or  one-third  in  amount 
of  the  issue  of  bonds  herein  before  proposed,  may,  at  the  option 
of  said  first  party  hereto,  be  issued  in  either  the  French  or  any 
other  language,  and  in  or  for  such  sum  or  sums  or  amount  as 
said  first  party  shall  think  proper,  and  may  be  issued  and 
made  payable  in  pounds  sterling,  or  in  francs  instead  of  dol¬ 
lars,  at  the  option  of  said  first  party  ;  and  the  interest  thereon, 
or  an}7  portion  thereof,  or  the  principal  of  said  bonds,  or  any 
of  them,  may  be  made  payable  in  like  or  similar  currency,  in 
London  or  Paris,  or  elsewhere  in  Europe,  or  in  Hew- York,  at 
the  option  of  said  first  party  hereto. 

How  this  Indenture  further  witnesseth,  that  the  party 
of  the  first  part,  in  consideration  of  the  premises,  and  of  the 
sum  of  one  dollar  to  them  in  hand  paid  by  the  party  of  the 
second  part,  the  receipt  whereof  is  hereby  acknowledged, 
and  in  order  to  secure  the  payment  of  the  bonds  so  to  be 
issued,  as  herein  above  described  and  defined,  amounting,  in 
the  aggregate,  to  three  millions  of  dollars,  together  with  the 


21 


interest  thereon,  as  the  same  shall  from  time  to  time  fall  due, 
have  granted,  bargained,  sold,  conveyed  and  transferred,  and 
by  these  presents  do  grant  bargain,  sell,  convey  and  transfer, 
unto  the  party  of  the  second  part,  and  his  successor  or  suc¬ 
cessors  in  the  trust  hereinafter  expressed,  all  and  singular 
the  rail-road  of  the  said  company,  from  Chicago,  in  the  State 
of  Illinois,  via  Woodstock,  to  Janesville,  in  the  State  of  Wis¬ 
consin,  and  thence,  via  Watertown,  to  the  City  of  Fond  du  Lac, 
in  Wisconsin,  together  with  all  the  rights  of  way,  depot  grounds, 
railways,  rails,  bridges,  fences,  stations,  station-houses  and 
other  buildings,  and  all  the  lands  and  hereditaments  by  the 
party  of  the  first  part  now  held  in  their  name,  or  hereafter 
to  be  acquired,  in  connection  with  their  said  railway,  or  re¬ 
lating  thereto,  whether  obtained  under  the  rights  and  privi¬ 
leges  of  their  several  charters,  or  conveyed  to  them  by  deed  ; 
and  also  all  the  tolls,  incomes,  rents,  issues  and  profits,  and 
corporate  or  other  franchises  of  them,  the  party  of  the  first 
part,  connected  with  their  said  line  of  railway,  or  relating 
thereto ;  and  also  all  the  locomotive  engines,  tenders,  cars  of 
every  kind,  machinery,  machine-shops,  tools  and  implements, 
wood  and  property,  connected  with  the  proper  equipment, 
working,  operating  and  conducting  of  the  said  road  now 
owned,  or  hereafter  to  be  acquired  by  the  party  of  the  first 
part,  for  or  appurtenant  to  the  aforesaid  line  of  road,  in 
substitution  of  those  now  owned  or  otherwise,  all  of  which 
personal  chattels  are  declared  to  be  fixtures  and  appurte¬ 
nances,  and  are  to  be  used  and  sold  therewith,  and  not 
separated  therefrom,  and  are  to  be  taken  as  a  part  thereof: 
But  nothing  herein  contained  shall  be  so  construed  as  to  pre¬ 
vent  the  party  of  the  first  part  from  selling,  hypothecating  or 
otherwise  disposing  of  any  city  or  county  bonds  or  mortgages, 
stocks  or  other  securities  received  in  payment  or  security  for 
stock  or  otherwise  ;  nor  shall  this  mortgage  be  deemed  or  con¬ 
strued  to  include  or  incumber  any  lands,  lots  or  other  property 
of  the  first  party  hereto,  which  are  not  necessarily  retained 
for  their  road  or  roadway,  or  included  in  their  depots  or  sta¬ 
tion  grounds,  or  required  for  the  construction,  operation,  main¬ 
tenance  or  convenient  use  of  the  same,  and  which  said  first 


22 


party  may  deem  it  to  be  for  the  interest  of  said  company  to 
lease,  sell  or  otherwise  dispose  of ;  and  especially  are  the  lots 
and  grounds  of  said  first  party  adjacent  to  their  depot  grounds 
in  Chicago,  (a  negotiation  for  the  sale  of  which,  to  the  Chicago 
and  Milwaukie  Rail-Road  Company,  for  their  depot  grounds, 
is  now  pending,)  reserved  from  this  mortgage. 

Pkovided,  however,  that  the  proceeds  of  any  and  all 
leases,  sales  or  other  disposition  of  such  lands  and  property 
shall  be  faithfully  applied  to  the  payment  of  the  debts  or  ob¬ 
ligations  of  said  company,  or  used  in  aid  of  the  construction 
or  equipment  of  said  company’s  road  or  roads. 

And  the  said  party  of  the  first  part  hereby  further  cove¬ 
nant  and  agree,  to  and  with  the  said  party  of  the  second  part, 
his  successor  or  successors  in  the  trust  hereby  created,  that 
for  the  further  security  and  ultimate  redemption  of  the  said 
mortgage  bonds,  to  be  issued  by  virtue  of  this  mortgage,  they 
will  annually,  on  or  before  the  first  day  of  December,  in  each 
year  hereafter,  beginning  with  the  first  day  of  December,  one 
thousand  eight  hundred  and  fifty-eight,  until  the  principal  of 
said  bonds  is  fully  paid,  set  apart  and  appropriate  from  the 
earnings  of  the  said  road  for  the  preceding  twelve  months, 
and  deposit  with  the  aforesaid  Trustee,  party  of  the  second 
part,  or  his  successor  in  the  trust,  who  is  hereby  made,  con¬ 
stituted  and  appointed  the  further  trustee  or  receiver  of  the 
first  parties  hereto,  and  of  all  the  holders  of  the  mortgage 
bonds  to  be  issued  by  virtue  of  this  mortgage  as  aforesaid,  for 
the  purposes  hereinafter  mentioned,  the  just  and  full  sum  of 
one  and  one-fourth  per  cent,  (equal  to  $37,500  on  $3,000,000) 
per  annum  on  all  outstanding  unconverted  bonds  secured  by 
this  mortgage,  which,  together  with  the  accumulation  of  inter¬ 
est  thereon,  will  form  a  capital  sufficient  to  pay  and  discharge 
the  entire  principal  of  all  the  mortgage  bonds  contemplated 
to  be  issued  by  virtue  of  the  several  provisions  of  this  mort¬ 
gage,  on  or  before  the  maturity  of  the  said  bonds,  the  first 
setting  apart  and  appropriation  of  said  sinking  fund  to  be 
made  and  deposited  on  the  first  day  of  December,  Anno  Domi¬ 
ni  one  thousand  eight  hundred  and  fifty-eight ;  and  the  said 
sinking  fund  or  several  sums  of  money  thus  set  apart  and  ap¬ 
propriated,  with  all  accumulations  of  interest,  shall,  as  soon  as 


23 


practicable  thereafter,  be  laid  out  and  invested  by  the  said 
Trustee,  or  his  successor,  in  the  purchase  of  the  mortgage 
bonds  to  be  issued  under  this  mortgage,  whenever  any  or 
either  of  the  said  mortgage  bonds  can  be  purchased  at  or 
under  par,  and  the  accrued  interest  on  the  same  at  the  date 
of  the  purchase.  In  case  the  securities  of  the  said  company 
before  specified  cannot  be  procured  or  purchased  on  the 
terms  aforesaid,  then  and  in  that  case,  the  said  Trustee,  or  his 
successor,  shall,  from  time  to  time,  invest  the  said  fund,  under 
the  advice  and  direction  of  the  Board  of  Directors  of  the  party 
of  the  first  part,  in  said  bonds  or  in  such  securities  as  shall  be 
deemed  most  safe  and  profitable  for  the  party  of  the  first 
part :  provided,  however,  that  the  obligation  of  the  party  of 
the  first  part  to  make  such  annual  deposits  to  the  said  sink¬ 
ing  fund  as  aforesaid,  shall  cease  and  determine  as  soon  as 
the  funds  and  securities  placed  in  the  hands  of  the  said 
Trustee,  or  his  successor,  shall,  with  the  accumulation  of 
interest  thereon,  form  a  capital  sufficient  to  pay  and  discharge? 
at  the  maturity  thereof,  all  the  outstanding  unconverted 
bonds  issued  hereunder.  The  said  Trustee,  or  his  succes¬ 
sor,  shall  at  all  times  keep  a  proper  and  correct  registry 
and  account  of  the  said  several  securities  and  funds  to  be 
held  by  them  as  aforesaid,  and  belonging  to  the  said  sinking 
fund,  for  the  inspection  and  examination  of  the  parties  hereto, 
and  of  any  of  the  stockholders  or  bondholders  of  the  road  ; 
and  shall,  annually,  during  the  continuance  of  the  said  trust, 
render  to  the  first  party  hereto  a  written  statement,  showing 
the  true  state  and  condition  of  the  said  sinking  fund  ;  and 
when  any  of  the  aforesaid  securities  of  the  party  of  the  first 
part  shall  have  been  purchased  for  the  use  of  the  sinking  fund, 
the  same  shall,  as  soon  as  purchased,  be  cut,  cancelled  and  re¬ 
tired  by  the  said  Trustee,  or  his  successor,  and  shall  from  time 
to  time,  and  as  soon  as  conveniently  may  be  after  such  pur 
chase,  be  returned  by  the  said  Trustee,  or  his  successor,  to  said 
company,  to  be  by  them  duly  registered  and  destroyed  in  the 
presence  of  the  President,  Treasurer  and  Secretary  of  said  com 
pany,  or  in  the  presence  of  a  committee  of  three  directors  of 
said  company  and  of  said  Trustee ;  and  proper  vouchers  shall 
be  given  said  Trustee  for  all  such  cut  and  cancelled  bonds  so 

O 


24 


returned  by  him  and  registered  and  destroyed  in  his  presence 
by  said  company.  There  shall  be  added  to  said  sinking  fund, 
however,  annually,  by  said  party  of  the  first  part,  an  amount 
equal  to  the  annual  interest  on  all  of  said  company’s  bonds 
which  may  be  from  time  to  time  so  purchased,  cancelled  and 
destroyed  as  aforesaid.  The  said  Trustee,  or  his  successor, 
shall  apply  the  funds  and  available  securities  in  his  hands  to 
the  payment  and  redemption  of  the  said  mortgage  bonds 
issued  hereunder,  at  their  maturity,  rendering  the  overplus, 
if  any,  to  the  party  of  the  first  part,  or  their  assigns. 

The  party  of  the  first  part  hereto,  however,  reserves  the 
right  at  any  time  hereafter  to  appoint  any  other  proper  per¬ 
son  or  persons,  or  incorporated  company,  in  the  City  of  New- 
York,  to  discharge  the  duties  hereby  conferred  upon  the  party 
of  the  second  part,  or  his  successor,  in  relation  to  receiving  and 
investing  the  proceeds  of  the  said  sinking  fund,  and  thereafter 
all  the  duties  and  obligations,  rights  and  privileges  herein 
conferred  upon  the  party  of  the  second  part  in  relation  to  the 
said  sinking  fund,  shall  cease  and  determine,  and  the  person 
or  persons,  or  incorporated  company  so  appointed,  shall 
thereupon  become  such  special  trustee  or  receiver,  and  shall  be 
vested  with  all  the  rights,  estate,  powers  and  privileges  herein 
conferred  upon  the  said  second  party  hereto,  in  connection 
with  or  in  relation  to  said  sinking  fund  ;  and  the  said  second 
party  hereto,  or  his  successor,  so  superseded,  shall,  upon  re¬ 
quest,  forthwith  assign,  transfer  and  deliver  to  such  substi¬ 
tuted  trustee  or  receiver  all  funds,  property  and  securities 
belonging  to  said  sinking  fund,  so  deposited  wfith  and  held  by 
him  as  aforesaid  : 

To  have  and  to  hold  the  said  granted  premises  unto  the 
said  party  of  the  second  part,  and  his  successors  in  the  trust, 
on  the  trusts  and  for  the  purposes  following,  that  is  to  say: 
that  if  the  interest  on  any  of  the  bonds  so  to  be  issued 
shall  not  be  paid  by  the  party  of  the  first  part  when 
the  same  shall  fall  due,  and  if  such  interest  shall  remain  in 
arrear  for  six  months,  so  that,  according  to  the  general  tenor  of 
the  said  bond,  the  principal  thereof  should  become  demanda- 
ble,  or  in  case  the  party  of  the  first  part  shall  fail,  neg¬ 
lect  or  refuse  to  set  apart,  appropriate  and  deposit  with  the 


25 


said  Trustee,  or  his  successor,  the  said  several  sums  of  money, 
or  any  or  either  of  them,  fur  the  purposes  of  a  sinking  fund, 
at  the  times  and  in  the  manner  herein  before  particularly  set 
forth  and  provided,  or  in  case  the  principal  of  said  bonds, 
or  any  of  them,  shall  not  be  paid  at  their  maturity,  then 
it  shall  be  lawful  for  the  party  of  the  second  part,  and  his 
successors  in  the  trust,  to  take  possession  of  all  and  sin¬ 
gular  the  said  premises,  property  and  franchises  so  con¬ 
veyed  and  transferred,  or  so  expressed  to  be,  and  to  sell 
the  same  at  public  auction  to  the  highest  bidder,  on  ad¬ 
vertisement  specifying  the  time  and  place  of  sale,  published 
in  three  principal  daily  newspapers  printed  in  the  City  of 
New- York,  and  in  one  such  newspaper  printed  in  the  City  of 
Chicago,  and  in  one  newspaper  in  each  of  the  cities  of  Janes¬ 
ville  and  Fond  du  Lac,  to  be  continued  for  sixty  days  imme¬ 
diately  preceding  said  sale,  or  for  such  shorter  time,  not  less 
than  twenty  days,  as  the  party  of  the  first  part  may  assent 
to,  and  to  execute  a  proper,  full  and  legal  conveyance  on 
the  sale  to  the  purchaser  or  purchasers  thereof ;  and  out 
of  the  proceeds  thereof,  and  the  income  next  mentioned, 
after  deducting  just  allowances  and  expenses,  to  pay  first 
the  interest  in  arrear  on  the  said  bonds  so  to  be  issued,  which 
are  at  that  time  outstanding  and  not  converted  nor  purchased 
for  the  sinking  fund,  and  then  to  pay  the  principal  thereof  in 
full  or  ratably,  so  far  as  such  proceeds  and  income  shall 
suffice ;  and  from  such  default  until  such  sale  it  shall  be  law¬ 
ful  for  said  party  of  the  second  part,  Trustee  as  aforesaid, 
and  his  successors  in  the  trust,  to  cause  the  said  road  to  be 
used  and  its  business  conducted  by  themselves,  or  such  agents, 
receivers,  superintendents,  managers  and  servants  as  they  may 
appoint,  and  to  apply  the  net  income  received  therefrom  to  the 
payment  of  interest  and  principal, in  the  order  above  express¬ 
ed  ;  and  for  all  the  reasonable  charges  and  expenses  of  so 
conducting  the  said  road  and  its  needful  repairs,  and  the 
management  of  the  said  business,  the  acting  Trustee  shall  be 
indemnified  out  of  the  proceeds  of  the  sale  of  the  said  road, 
if  needful,  as  well  as  out  of  its  receipts  and  income:  and  in 
case  any  surplus  shall  remain  in  the  hands  of  the  said  Trustee 


26 


or  his  successors,  the  same  shall  be  paid  to  the  party  of  the 
first  part,  their  successors  or  assigns. 

Provided  always,  and  the  grant  and  conveyance  herein 
contained  are  upon  this  express  condition,  that  if  the  said 
party  of  the  first  part  shall  well  and  truly  pay  the  interest 
on  the  said  bonds,  so  to  be  issued  as  aforesaid,  as  the  same 
shall  fall  due  and  be  demanded,  and  also  the  principal  thereof 
when  the  same  shall  fall  due,  or  shall  exhibit  the  said  bonds, 
cancelled,  to  the  party  of  the  second  part,  or  his  successor 
in  the  trust,  then  the  estate,  title  and  interest  of  the  party 
of  the  second  part,  and  his  successor  in  the  trust,  shall  cease 
and  determine,  and  become  void,  but  otherwise  they  shall 
remain  in  full  force  and  virtue. 

Provided  further,  that  if  for  any  cause  it  shall  hereafter, 
pending  the  existence  of  this  mortgage,  be  deemed  advisable, 
by  the  said  party  of  the  first  part,  to  lease,  sell  or  otherwise 
dispose  of  any  portion  or  portions  of  their  said  line  of  rail-road 
named  herein,  other  than  that  portion  of  said  line  between 
Chicago  and  Janesville,  the  said  party  of  the  second  part,  or 
his  successors,  may  and  shall,  from  time  to  time,  as  may  be 
required  of  him  by  said  party  of  the  first  part,  on  the  receipt 
and  cancelment  of  not  less  than  seventeen  thousand  dollars 
($17,000)  of  the  principal  of  the  aforesaid  bonds,  secured  by 
this  mortgage,  for  each  and  every  mile  of  the  line  of  said 
road  so  leased,  sold  or  otherwise  disposed  of,  release  and 
discharge  the  same  by  proper  instrument  in  writing,  under 
seal,  from  this  mortgage  and  from  all  liens  or  incumbrance  by 
virtue  hereof ;  said  release  and  discharge  of  any  portion  of 
said  line  of  road,  however,  shall  not  include  the  rolling  stock 
and  furniture  in  use  thereon. 

And  the  party  of  the  first  part  hereby  covenant  with  the  party 
of  the  second  part,  and  his  successors  in  the  trust,  for  the  bene¬ 
fit  of  those  to  whom  the  said  bonds  shall  be  delivered,  and  their 
assigns,  that  the  said  party  of  the  first  part  shall  and  will, 
at  the  reasonable  request  of  the  party  of  the  second  part,  and 
his  successors  in  the  trust,  make  and  execute  all  further  as¬ 
surances,  conveyances  and  instruments  needful  or  proper  to 
assure  or  convey  unto  him,  upon  the  trusts  and  conditions 
herein  contained,  all  the  said  premises  expressed  to  be  granted 


* 


27 


as  aforesaid,  together  with  all  personal  property,  furniture  and 
effects,  acquired,  or  which  may  or  shall  hereafter  be  acquired, 
and  all  fixtures  (as  above  described)  which  may  hereafter  ap¬ 
pertain  to  the  said  road. 

And  it  is  mutually  understood  and  agreed,  that  on  default 
as  above,  as  to  principal  or  interest  on  any  of  the  bonds  so  to 
be  issued,  or  as  to  any  payment  to  the  said  sinking  fund,  the 
party  of  the  second  part,  and  his  successor  in  the  trust,  shall, 
on  the  request  in  writing  of  bona  fide  holders  of  such  bonds  to 
the  aggregate  amount  of  one  hundred  thousand  dollars,  en¬ 
force  and  exercise  the  aforesaid,  powers  of  entry  and  sale  and 
intermediate  conducting  of  the  road  ;  but  until  such  default 
shall  happen,  and  possession  shall  be  so  required  to  be  taken 
as  aforesaid,  the  party  of  the  first  part  shall  continue  in  the 
possession  and  management  of  the  granted  premises. 

And  it  is  further  mutually  agreed,  that  in  case  of  the 
death,  mental  incapacity  or  resignation  of  the  said  party  of 
the  second  part,  all  his  estate,  right,  interest,  power  and  con¬ 
trol  in  the  premises  shall  be  divested,  cease  and  determine, 
and  the  same  shall  from  thenceforth,  for  the  purposes  afore¬ 
said,  be  vested  in,  and  all  and  singular  the  trust  and  duties 
herein  before  enumerated  shall  devolve  upon  Leonard  C. 
Winslow,  of  the  City  of  hfew-York,  without  any  further  as¬ 
surance  or  conveyance  of  or  for  the  same. 

And  it  is  mutually  agreed,  as  the  condition  on  which  the 
party  of  the  second  part  has  assented  to  these  presents,  that 
until  default  of  payment  under  the  bonds  so  to  be  issued,  or 
some  of  them,  shall  occur,  and  he  be  requested  to  act  as  afore¬ 
said,  no  active  duty  on  his  part  shall  be  required,  and  thathe 
shall  not  be  responsible  at  any  time  for  the  default  or  miscon¬ 
duct  of  the  agents  by  him  to  be  employed  in  his  discretion, 
but  he  shall  be  bound  to  the  exercise  of  ordinary  diligence. 

And  that  in  case  of  the  death,  removal  or  permanent  disa¬ 
bility  of  the  said  Leonard  C.  Winslow,  after  the  trust  hereby 
created  shall  have  devolved  upon  him,  or  in  case  of  vacancy 
in  the  trust  from  any  cause,  it  shall  be  lawful  for  the  said 
party  of  the  first  part,  with  the  assent  in  writing  of  the  bona 
fide  holders  of  the  said  bonds  to  the  amount  of  one  hundred 
thousand  dollars,  (such  holders  at  the  time  not  being  directors 


28 


or  stockholders  in  the  said  company,)  to  appoint  and  substi¬ 
tute,  from  time  to  time,  by  an  instrument  in  writing  under 
their  corporate  seal,  other  persons  as  trustees  to  vacancies  so 
occurring,  in  whom  the  estate,  interests,  trusts  and  powers  here¬ 
in  granted  or  created  shall  be  vested  from  such  appointment. 

And  it  is  further  provided,  that  a  majority  in  interest 
of  the  holders  of  the  said  bonds  may  at  all  times,  by  an  in¬ 
strument  in  writing  and  under  seal,  constitute  and  appoint 
any  other  person  as  trustee  in  place  of  the  said  party  of  the 
second  part,  or  his  successor,  in  which  case  this  grant  shall 
operate  in  favor  of  the  person  so  constituted  and  appointed 
to  the  same  extent  as  this  indenture  operates  in  favor  of  the 
party  of  the  second  part  named  herein. 

And  said  person,  thus  appointed  by  a  majority  of  the  bond¬ 
holders,  shall  notify  the  party  of  the  second  part  hereto  of 
his  said  appointment,  either  personally,  or  by  addressing  him 
through  the  post-office  by  letter,  directed  to  him  at  his  last 
place  of  residence,  and  shall  thereafter  possess  all  the  powers, 
rights,  privileges  and  estate  vested  by  this  instrument  in  the 
said  party  of  the  second  part,  and  shall  become  his  successor 
to  all  intents  and  purposes  whatsoever. 

It  is  further  understood,  that  the  holders  of  a  majority 
in  amount  of  the  bonds  issued  in  pursuance  hereof,  and 
which  are  at  the  time  outstanding,  shall  be  regarded  as  con¬ 
stituting  the  majority  in  interest  of  the  bondholders. 

In  witness  whereof,  the  parties  to  these  presents  have 
hereunto  interchangeably  set  their  seals,  (the  parties  of  the 
first  part  their  corporate  seal,)  and  have  signed  these  presents, 
the  parties  of  the  first  part  by  their  President  and  Treasurer, 
the  day  and  year  first  above  written,  in  duplicate. 

SEALED  AND  DELIVERED  ) 

IN  PRESENCE  OF  ) 

The  Chicago,  St.  Paul  and  Fond  du  Lac 
Rail-Road  Company,  by 

President. 

The  Chicago,  St.  Paul  and  Fond  du  Lac 
Fvail-Road  Company,  by 

Treasurer. 


29 


(Form  of  Coupon  to  the  said  Bond.) 

Bond  No.  $35. 

THE  CHICAGO,  ST.  PAUL  AND  FOND  DU  LAC  KAIL-ROAD  COMPANY 

Will  pay  thirty-five  dollars  to  the  holder  hereof,  on  presenta¬ 
tion  at  the  office  of  the  company  in  the  City  of  New-York, 
being  semi-annual  interest,  due  February  first,  1856. 

Secretary. 

(Certificate  of  Trustee  on  the  back  of  said  Bond.) 

I  hereby  certify  that  the  Chicago,  St.  Paul  and  Fond  du 
Lac  Bail-Koad  Company  have  executed  to  me  a  deed  of  trust 
or  mortgage,  conveying  the  entire  line  of  road  of  the  said 
company  from  Chicago,  via  Janesville,  to  Fond  du  Lac,  with 
all  its  appurtenances,  as  specified  in  said  instrument,  in  trust 
for  the  benefit  of  the  holders  of  their  bonds  of  similar  tenor 
to  the  within,  to  be  issued  to  an  amount  not  exceeding  in  all 
three  millions  of  dollars,  with  power  to  take  possession  of 
and  use  and  sell  the  same,  or  any  part  thereof,  after  a  default 
in  paying  the  interest  or  principal  of  said  bonds,  or  any  pay¬ 
ment  to  the  sinking  fund  ;  and  that  the  foregoing  is  one  of 
the  several  bonds  described  in  and  secured  by  said  deed,  and 
that  I  have  caused  the  said  deed  to  be  recorded  in  the  several 
counties  and  states  through  which  the  said  road  passes. 


Trustee. 


30 


POPULATION  OF  THE  CITY  OF  CHICAGO. 


In  1840, .  4,479 

“  1843, .  7,580 

“  1845, .  12,088 

“  1846, .  14,162 

“  1847, .  16,859 

“  1848, .  20,023 

“  1849, .  23,047 

“  1850, .  28,269 

“  1852, .  38,733 

“  1853, .  60,662 

“  1855,.... .  84,329 

POPULATION  OF  WISCONSIN. 

In  1830, .  3,245 

“  1836, .  11,683 

“  1838, .  18,139 

“  1840, .  30,925 

“  1842, .  44,473 

“  1846, .  155,277 

“  1847, .  210,546 

“  1850, .  305,566 

“  1855, .  573,693 


POPULATION  OF  THE  COUNTIES  IN  WISCONSIN  ON  THE  LINE  OF 
THE  CHICAGO,  ST.  PAUL  AND  FOND  DU  LAC  RAIL-ROAD,  AND 
TRIBUTARY  THERETO. 


1850. 

1855. 

Rock  County, . 

31,364 

Walworth  County, . 

.  17,862 

21,374 

Jefferson 

do . 

26,866 

Dodge 

do . 

.  19,138 

33,254 

Fond  du  Lac  do . 

.  14,510 

29,923 

Dane 

do . 

.  16,339 

37,500 

Sauk 

do . 

.  4,371 

14,968 

Green 

do . 

14,716 

Columbia 

do . . . . 

17,960 

Marquette 

do . 

14,824 

Winnebago 

do . . 

17,448 

Calumet 

do. 

3,633 

143,821 

263,830 

. 


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